It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Slow Cooker Bourbon Braised Beef
Slow Cooker Bourbon Braised Beef
This slow cooker braised beef is the perfect dinner recipe for those times when you have no idea what to make for dinner. Do you ever feel that way?
bourbon braised beef
Prep Time: 20 minutes
Cook Time: 4 hours, 15 minutes
Yield: 8 servings
Category: Main Dish
Method: Slow Cooker
Cuisine: Comfort Food
DESCRIPTION
This slow cooker braised beef is an easy solution to the weeknight dinner dilemma facing your family. Let the slow cooker do all the work for you!
INGREDIENTS
- 3 lbs. beef chuck roast (cut into large cubes)
- 1 large yellow onion (diced)
- 4 cloves garlic (minced)
- 4 tablespoons + 2 teaspoons olive oil
- 4 cups beef broth
- 1 cup bourbon
- 1 tablespoon Worcestershire sauce
- 1 tablespoon Dijon mustard
- 1 teaspoon dried thyme
- Kosher salt
- fresh cracked pepper
INSTRUCTIONS
- Heat 2 tablespoons oil a large saute pan over medium high heat. Season beef with a liberal amount of salt and pepper. Working in two batches, sear all sides of each piece of beef until dark brown. A good rule of thumb is that the meat is done searing when it can easily be removed from the surface of the pan; if it’s sticking it’s not done yet. You are not trying to cook the meat through at this point, just adding a layer of flavor. Transfer seared beef to a large crock pot. Add 2 more tablespoons olive oil to the pan and sear remaining batch of beef, then transfer to crock pot.
- Add remaining 2 teaspoons olive oil to the same pan and turn heat to medium. Add onion and a pinch of salt and pepper. Saute, stirring frequently for 4 minutes. Then add garlic and saute for another minute, stirring frequently. Transfer onion and garlic to the crock pot. Then add beef broth, bourbon, Worcestershire, Dijon, thyme and a liberal amount of salt and pepper. Stir to combine, cover and cook on high for 4-5 hours or until the beef is fork tender and pulls apart easily. Serve with my favorite garlic mashed sweet potatoes. Enjoy!
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